CoinVoice has learned that financial news service provider Newsquawk expects the U.S. non-farm payrolls for June to increase by 129,000, with the unemployment rate expected to remain unchanged at 4.2%. The average hourly wage month-over-month is expected to decrease from 0.4% to 0.3%, while the average weekly working hours are expected to remain unchanged at 34.3 hours.
Powell has stated that the labor market remains solid, but he acknowledged that there has been a “very slow and steady cooling” which is not concerning; Powell also pointed out that strong job creation and labor participation rates are signs of the economy’s continued recovery. This sentiment has also been echoed by other officials. Nevertheless, any “not too bad” employment data could be seized by Trump as a reason for the Federal Reserve to cut interest rates; however, any unexpected downturn in labor data could also be used by Trump as a reason for the Federal Reserve to cut interest rates.
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